Candel Launches Agchem Plant in Nigeria
Farmers in Nigeria, Africa’s biggest economy, will receive a boost in their annual yields, save millions of dollars in foreign exchange and produce healthier seeds and high quality farm produce with the launch this week of Candel Company Limited’s integrated agrochemical manufacturing plant, according to an article in Business Day.
The Candel plant, which is the first of its kind in Nigeria and the West African sub-region, is set to produce about 80 million liters of formulated products per annum and save Nigeria $400 million in foreign exchange expended annually to import such products.
The article quoted Candel Chairman Charles Anudu as saying, “With a 2013 revenue of about $61 billion, Nigeria accounts for less than 1 percent to the global agrochemical industry, while the whole of Africa’s share is just about 4 percent. With no current local production, Nigeria expends about $400 million annually to import agrochemical products, a lot of which is of unwholesome quality.”
Anudu declared that the Candel manufacturing plant was a challenge the firm took upon itself in order to stem the tide of sub-standard agrochemical products being dumped in the Nigerian and African markets, according to the article.